Goldman Sachs analyst Will Nance upgraded Robinhood to Neutral from Sell with a price target of $9.50, down from $11.50. The analyst sees a more balanced risk/reward profile with the shares underperforming significantly since his downgrade to Sell. Fundamentals are “still very weak” for Robinhood, as continued declines in retail trading risk appetite have weighed on active users and margin balances, Nance tells investors in a research note. However, the shares are now trading at a $6.5B market capitalization versus its cash position of $6.2B and tangible book value of $7B, says the analyst. Nance believes higher interest rates are likely to drive a “significant acceleration” in the company’s net interest income over the next several quarters and help reduce its losses to a “manageable level.” Thus, he thinks the shares are likely to remain range bound in the near term and with 19% potential upside to the price target over 12 months.